August: Friday 18th 2017
Each Market In Focus
- The Australian market looks set to open sharply lower after Wall Street’s indexes slumped with the Dow down more than one per cent and the Nasdaq dropping close to two per cent.
- At 7.00 AEST on Friday, the share price futures index was down 51 points, or 0.89 per cent, at 5,695.
- Locally, no major economic news is expected on Friday.
- In equities, Primary Health Care, Kogan, Link Group and AVJennings are expected to post results.
- The Australian market on Thursday fell slightly, weighed down by a massive sell-off of Telstra shares after the telco said it will cut future dividends.
- The benchmark S&P/ASX200 index dropped 5.9 points, or 0.1 per cent, to 5,779.2 points
- The broader All Ordinaries index lost 3.6 points, or 0.06 per cent, to 5,827.2 points
- Meanwhile, the Australian dollar has also fallen back sharply against its US counterpart, as well as the yen.
60 Day High. This is a list of codes that made a new 60 day High in the past 2 days. We use the 60 day high as this would infer that a breakout in price has occurred after a period of consolidation OR the stock is moving up each day if the code shows repeatedly. ( source MetaStock )
60 Day Low. This is a list of codes that made a new 60 day LOW in the past 2 days. We use the 60 day low as this would infer that a breakdown in price has occurred after a period of consolidation OR the stock is declining each day if the code shows repeatedly. ( source Metastock)
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- US stocks have sold off, with the S&P 500 hitting its lowest level in a month, as escalating worries about the Trump administration’s ability to push through its agenda rattled investors.
- Stocks began to lose ground early in the session, following speculation of White House Economic Adviser Gary Cohn’s possible departure.
- A White House official later said Cohn intends to remain in his position, but after a short respite, the market resumed the sell-off, with investors appearing to be losing faith in the administration’s ability to move forward on its agenda.
- The speculation came a day after Trump disbanded two business councils, with several chief executives quitting in protest over his remarks on white nationalists.
- The Dow Jones Industrial Average lost 1.24 per cent to 21,750.73
- The S&P 500 shed 1.54 per cent to 2,430.01
- The Nasdaq Composite dropped 1.94 per cent to 6,221.91.
- Copper prices rose Friday, lifted by hopes for stronger Chinese demand and a rally in crude oil.
- Copper for March delivery closed up 0.8% at $2.6475 a pound on the Comex division of the New York Mercantile Exchange.
- Gold prices posted their fifth straight weekly decline Friday, as money continued to flow out of exchange-traded funds that invest in the precious metal.
- Gold for February delivery closed down 0.9% at $1,161.90 a troy ounce on the Comex division of the New York Mercantile Exchange. A settlement at these levels would be the metal’s lowest close since February.
- IRON ORE: $78.89 -0.18( December contract )
- Oil prices flipped from losses to slight gains intraday as the market rebounded from three week lows.
- U.S. crude futures were recently up 8 cents, or 0.17%, at $46.86 a barrel on the New York Mercantile Exchange.
- Brent, the global benchmark, rose 18 cents, or 0.36%, to $50.45 a barrel on ICE Futures Europe.
- Oil prices have been on a three day downward slide.
- Data released Wednesday showing that U.S. crude output to 9.502 million barrels a day last week weighed on the market.
- The U.S. dollar intraday held on to its gains from Wednesday, shaking off a number of negative headlines, including a terror attack in Barcelona that rattled markets, eliciting some safety bids.
- The ICE dollar index, which measures the greenback against six major currencies, rose 0.1% to 93.6030, compared with an intraday high of 94.061.
- The WSJ Dollar Index, which compares the buck against a broader basket of 16 rivals, was little changed at 86.28 intraday afternoon, after rising to 86.52 earlier.
- Against the yen, the buck fell by 0.4% to Y109.72, down from a intraday high of Y110.35 earlier and Y110.19 late Wednesday in New York.
- Against the Swiss franc the dollar weakened against the traditional haven currency.
- The U.S. dollar retreated 0.5% to 0.9617 francs from a high of 0.9699.
The Australian dollar has fallen more than half a cent against its US counterpart with the greenback strengthening amid euro weakness following the release of European Central Bank’s policy meeting minutes.
At 7.00 AEST on Friday, the Australian dollar was worth 78.86 US cents, down from 79.47 US cents on Thursday.
European shares broke their three-day winning streak on Thursday as banks fell following a set of cautious minutes from the US Federal Reserve, and energy stocks also weighed on a busy day for company results.
The pan-European STOXX 600 index fell 0.6 per cent, while euro zone blue chips declined 0.7 per cent.
Britain’s FTSE 100 fell 0.6 per cent to 7,387.87, and Germany’s DAX dropped 0.5 per cent to 12,203.46.
Minutes from the Federal Reserve’s latest meeting showed policymakers were growing more cautious about recent weak inflation, with some calling for a pause in interest rate hikes.
European banks, which benefit from higher interest rates, were the worst-performing sector, down 1.6 per cent with Deutsche Bank and Commerzbank leading the DAX lower with losses of 2.8 to 3 per cent.
Minutes from last month’s European Central Bank meeting, which revealed some rate-setters were concerned about an excessive rise in the euro, sent the currency to a three-week low, briefly boosting the STOXX 600 into the black, though the index rapidly retreated again.
- Asian stocks edged higher on Thursday as tensions between the United States and North Korea came off the boil, while the Federal Reserve’s concerns about weak US inflation weighed on the US dollar.
- MSCI’s broadest index of Asia-Pacific shares outside Japan added 0.55 per cent.
- Japan’s Nikkei slipped 0.1 per cent to 19,702.63, weighed down by a stronger yen as the US dollar wilted and shrugging off data showing the country’s exports rose for an eighth straight month in July.
- Trump on Wednesday praised North Korean leader Kim Jong Un for a “wise” decision not to fire missiles towards the US Pacific territory of Guam, after North Korean media reported that Kim had delayed to decision while he waited to see what the US did next.
- Hong Kong shares closed slightly down as profit-taking outweighed solid gains by gaming and social media firm Tencent after the company posted better-than-expected quarterly earnings.
- The Hang Seng index fell 0.2 per cent, to 27,344.22 points.
- The China Enterprises Index also lost 0.2 per cent, to 10,801.42 points.
- Tencent Holdings Ltd far surpassed expectations of a 50-per cent rise in quarterly earnings, announcing on Wednesday that its second quarter revenues jumped 70.2 per cent from a year earlier.
- Its shares rose as much as 5.5 per cent on Thursday to an all-time high of HK$341.00 before cooling and ending 1.9 per cent above Wednesday’s close.
- Industrial and materials stocks lifted China stocks, which some analysts said was aided by hopes there will be significant changes to open up the economy more widely to foreign investors.
- The blue-chip CSI300 index rose 0.5 per cent, to 3,721.28, while the Shanghai Composite Index gained 0.7 per cent to 3,268.43 points.
- The S&P/NZX 50 index rose 0.2 per cent to 7870.06
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